Maybe my English is causing problems here (I'm not a native speaker). Of course there is a huge amount of lifestyle companies doing millions in revenue.
But that's not what founders themselves earn. Founder's personal salary and a slice of pure profits that are not reinvested to company growth can be considered a total that founders "earn" in lifestyle businesses.
Even with this metric, of course there is a lot of lifestyle internet companies in the world that do over $1M per founder. I'm just interested if Patrick meant that he can name 50 companies (presumably from his network) that are doing this well.
If the founders are smart, they will personally earn very little, and funnel as many of their expenses through the business as possible, for tax reasons.
I worked for consultant who had a lifestyle business. He pulled in nearly half a million dollars in revenue per year, but I got paid a higher salary than he did. But I drove my own car, and he drove a company car. He didn't own a computer, but the company had a fiber connection, a server room and several very nice recent laptops. He didn't own a cell phone or a camera, but the company supplied him with a nice world smart phone and multiples of the latest cameras. He rarely took vacations, but the company paid for him to travel the world to visit clients and trade shows. Etc.
It's for this reason that revenue is often a better gauge of success for a lifestyle business, than profit or salary.
But that's not what founders themselves earn. Founder's personal salary and a slice of pure profits that are not reinvested to company growth can be considered a total that founders "earn" in lifestyle businesses.
Even with this metric, of course there is a lot of lifestyle internet companies in the world that do over $1M per founder. I'm just interested if Patrick meant that he can name 50 companies (presumably from his network) that are doing this well.